By David Jenkins
Certified property values for the city of Murphy released last week by Collin Central Appraisal District came in 7.43 percent more than the 2016 amount.
Values assigned totaled $2.346 billion, of which $30.124 million is attributed to new construction. The average price of a home in Murphy is $363,498, which is up from $350,921 a year ago.
“I think the rise in the market value of houses is a good thing for citizens of Murphy. It shows that people are wanting to live in Murphy,” Karen Montgomery, city finance director said. “As far as the new construction goes, there have been several new businesses and houses built. That number should go up even more as the year progresses.”
Residents of Murphy pay taxes to the city, Plano and Wylie Independent School District, Collin County and Collin College.
The city of Murphy tax rate in 2016 was 51 cents per $100 valuation. During an earlier fiscal year 2017 budget meeting, council discussed lowering the tax rate to 50 cents per $100 valuation.
For all of Collin County, property values increased 14.15 percent from 2016 to 2017.